Perpetual Inventory Calculations

Platt Electric is a wholesaler for commercial builders. The company uses a perpetual inventory system and a FIFO cost-flow assumption. The data concerning a particular product for the year 20X8 follows:

Units Purchased Units Sold Balance

December 31, 20X7 100@$5= $500

February 10, 20X8 80 @ $6 = $480

April 14 60 May 9 110 @ $7 = $ 770 July 14 120 October 21 100 @ $8 = $ 800 November 12 ___ ______ 75 Total 290 $2,050 255

Calculate the ending inventory balance in units and dollars.